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Japanese fiscal reform: fiscal reconstruction and fiscal policy |
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| Authors: | Toshihiro Ihori Takero Doi Hiroki Kondo |
| Institution: | a Department of Economics, University of Tokyo, 7-3-1 Hongo, Bunkyo-ku, Tokyo 113-0033, Japan;b Faculty of Economics, Keio University, 2-15-45 Mita, Minato-ku, Tokyo 108-8345, Japan;c Department of Economics, Shinshu University, 3-1-1 Asahi, Matshmoto, Nagano 390-8621, Japan |
| Abstract: | This paper evaluates the recent movement of Japanese fiscal reform. We first summarize fiscal policy in 1990s. Then, we investigate several relevant topics of fiscal policy such as the macroeconomic impact of government debt and the sustainability problem. We then consider dynamic properties of fiscal reconstruction process by analyzing the dynamic game among various interest groups. This paper points out that the long-run structural reform is more important than the short-run Keynesian policy in Japan. |
| Keywords: | Fiscal structural reform Fiscal reconstruction Fiscal policy |
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